What you’ll learn
- Be able to analyze data graphically and quantitatively
- Be able to derive population information from samples
- Understand probability distributions and perform tests of hypotheses about the population based on sample information.
- Be able to formulate, estimate regressions using sample data, and perform tests of hypotheses about the population
- College or high school algebra and basic familiarity with MS Excel
- You only need high school algebra. The functions of Excel are covered in lecture videos and Excel lecture notes available to you.
Statistics for Business and Management using Excel. Statistics consists of ways to analyze data and make informed decisions. However, to be able to deploy statistical methods appropriately and properly, one needs to have a firm understanding of the available statistical methodologies and continuously build on the basic information acquired from classes like this one. Therefore, statistics is a powerful tool needed by business managers, engineers, political scientists,
medical and biological researchers in the data-driven world of today. Recent and evolving advances in information technology have expanded the role of data and “big data,” in all areas of endeavor, especially in the business, marketing, and medicine, among others. Huge volumes of the available data cannot be utilized properly unless they are summarized and visualized effectively.
Business analytics provides methodologies that enable decision makers to effectively use large data sets that would not be practical by any other means. Those who are familiar with visualization tools like Tableau routinely encounter analysis that are statistics-based. This course teaches the basics of data analysis and summary statistics, visualization of data, pivot table,
probabilities, hypothesis testing, ANOVA, and regression analysis. For instance, regression models may be used as basic tools of forecasting sales, costs, spread of diseases, among other uses. The tool we use is MS Excel. In most situations, once data are extracted using other tools such as SQL, Excel becomes the main platform for analysis.
Who this course is for:
- Undergraduates in schools of business and economics departments, engineering, political science, psychology, sociology, as well as MBA students.
- Every undergraduate student business, economics, engineering, psychology, sociology, and political science is required to take a statistics course. This course offers a solid foundation for all undergraduates and MBA students.
- For instance ANOVA, regression analysis, hypothesis testing, descriptive statistics such as means, medians, modes, variance, covariance, and correlation coefficient are widely used concepts.